Bureau Veritas posts 2023 Full Year results

IIOA member Bureau Veritas has posted its 2023 Full Year results, with a headline revenue of  5,867.8m EUR, up 8.5% organically, a 9.1% increase at constant currency. Within this performance, the 4th quarter organic revenue growth was 9.4%.

Bureau Veritas highlight three particular reasons for the results:

• ‘Over 80% of the portfolio delivered at least mid-to-high single digit or double-digit organic revenue growth driven by good momentum in the sales pipeline
• Strong growth in every region (Americas, Middle East, Europe, Africa and Asia-Pacific), substantially outperforming many underlying markets
• Strong momentum maintained for Sustainability and energy transition solutions across the entire portfolio.’

Within the results, Certification was one of three divisions achieving double-digit organic growth, with organic revenue rising by 12.4%.

This growth in Certification came from:

• ‘across schemes and geographies. Americas, Asia-Pacific and the Middle East and Africa region delivered the strongest organic revenue performances thanks to business development efforts and exposure to new services including Sustainability and CSR-driven solutions.
• During the period, the business continued to be led by increased client demand for more brand protection, traceability, and social responsibility commitments all along the supply chains. Double-digit growth was recorded for QHSE schemes, Supply Chain & Sustainability and Food Safety.
• Sustainability-related services delivered strong double-digit organic revenue growth in 2023 fueled by a continuing high demand for verification of greenhouse gas emissions and supply chain audits on ESG topics.’

Looking forward to 2024, Bureau Veritas expectation is of,  ‘Mid-to-high single-digit organic revenue growth’ from, ‘Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth’.

Further details can be seen here Bureau Veritas 2023 full year results 22 Feb 2023